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mcgeorgie13
New Member

For the 2017 taxes, I typed in the incorrect amount of the medical insurance premiums; should have been twice the amount shown. Is it worth amending a 2017 tax return?

Insurance through an employer.
1 Best answer

Accepted Solutions
DoninGA
Level 15

For the 2017 taxes, I typed in the incorrect amount of the medical insurance premiums; should have been twice the amount shown. Is it worth amending a 2017 tax return?

It depends on if your total itemized deductions would be greater than the standard deduction for your filing status in 2017 after entering the medical expenses.

Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions.  However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted.  Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2017 

  • Single - $6,350 add $1,550 if age 65 or older
  • Married Filing Separately - $6,350 add $1,250 if age 65 or older
  • Married Filing Jointly - $12,700 add $1,250 for each spouse age 65 or older
  • Head of Household - $9,350 add $1,550 if age 65 or older

View solution in original post

1 Reply
DoninGA
Level 15

For the 2017 taxes, I typed in the incorrect amount of the medical insurance premiums; should have been twice the amount shown. Is it worth amending a 2017 tax return?

It depends on if your total itemized deductions would be greater than the standard deduction for your filing status in 2017 after entering the medical expenses.

Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions.  However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted.  Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2017 

  • Single - $6,350 add $1,550 if age 65 or older
  • Married Filing Separately - $6,350 add $1,250 if age 65 or older
  • Married Filing Jointly - $12,700 add $1,250 for each spouse age 65 or older
  • Head of Household - $9,350 add $1,550 if age 65 or older

View solution in original post

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